The recently launched Bluzelle (BLZ) project was, for a while, the star on Binance, before the initial hype wore out. But now, a new hope is on the horizon, as the project announced the backing of NEO Capital, the investment arm of the NEO project. This only adds to the $19.5 in funding equivalent raised in the Bluzelle ICO.
While the price of BLZ remains depressed, it is a positive sign that NEO has pledged $1 million for developing Bluzelle. A partnership with NEO has been in the works for a long time, as Bluzelle aims to bridge many possible platforms, while running its proprietary protocol. The details and technical opportunities of the partnership would be known after the planned Bluzelle release in June.
After the news, the BLZ price continued its sideways drift, only growing slightly to $0.32. Bluzelle is one of the projects which is showing much promise, but the market price is still in the price discovery period, and its range is unpredictable. It is not unusual for post-ICO tokens to go through a fast boom and bust right after the start of trading.
One of the recent positive news is that of a test partnership with the Singapore arm of KPMG:
[Video] @KPMGSingapore and @BluzelleHQ's successful #blockchain #KYC prototype for banks in 90 seconds https://t.co/G9Bcdkh8P7 pic.twitter.com/dOMUCGDHKo
— KPMG (@KPMG) March 28, 2018
Bluzelle is an ambitious project to serve the upcoming decentralization of the Internet space. The goal of Bluzelle is to build a decentralized database to serve distributed apps, achieving better speed and scaling. As more blockchain projects aim at decentralized services, the functioning of the apps would have to prove itself on par with the current infrastructure and centralized approach.
But in 2018, it is still early to say which startup would end up instrumental in the new decentralized infrastructure, if it survives. This makes BLZ a well-marketed opportunity, but with risks regarding its long-term role and survival.
While the past years have seen very obscure coins and tokens suddenly become popular, many other digital assets have been extinct. The Bluzelle project is dependant on the growth of other distributed app ecosystems, as well as the still theoretical Internet of Things.
When it comes to Bluzelle trading, the asset has too short a history. Its price is relatively low, and some are expecting a breakout. But it is also possible that the coin drifts sideways for longer before seeing active trading.
This article appeared first on Cryptovest
